Pictet Asset Management Holding SA Buys 1,062 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Pictet Asset Management Holding SA lifted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,807 shares of the semiconductor company’s stock after purchasing an additional 1,062 shares during the period. Pictet Asset Management Holding SA’s holdings in Cirrus Logic were worth $777,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. grew its position in Cirrus Logic by 44.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after purchasing an additional 387,346 shares during the period. Geode Capital Management LLC grew its holdings in shares of Cirrus Logic by 4.7% in the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock worth $141,414,000 after acquiring an additional 50,582 shares during the period. Allianz Asset Management GmbH increased its position in Cirrus Logic by 137.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock valued at $104,049,000 after acquiring an additional 604,431 shares during the last quarter. Sei Investments Co. lifted its holdings in Cirrus Logic by 8.4% in the fourth quarter. Sei Investments Co. now owns 830,180 shares of the semiconductor company’s stock valued at $82,672,000 after acquiring an additional 64,222 shares during the period. Finally, Royce & Associates LP boosted its position in Cirrus Logic by 4.1% in the fourth quarter. Royce & Associates LP now owns 647,332 shares of the semiconductor company’s stock worth $64,461,000 after purchasing an additional 25,746 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Trading Down 0.4 %

NASDAQ CRUS opened at $82.93 on Tuesday. Cirrus Logic, Inc. has a 12 month low of $78.50 and a 12 month high of $147.46. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 15.05 and a beta of 0.95. The company’s 50 day moving average is $102.47 and its two-hundred day moving average is $106.68.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Wall Street Analyst Weigh In

CRUS has been the subject of several research reports. Barclays upped their price target on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Benchmark reiterated a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.86.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the sale, the executive vice president now owns 8,330 shares in the company, valued at $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.02% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.